Fasten your seatbelts commodities peeps: Gold closed Friday @ $1600 Now @ $1620

http://www.kitco.com/market/

Gold up, market down and vice versa...

Like 40 years ago.

You don't know where this is going, and the flight to metals signals that that may be the safe haven as opposed to the US Dollar in the coming months.

Not suggesting buying though. I am personally holding it all back (including all coins prior to 1965 that have silver value).

You just never know, right?

You are fortunate to have had someone in your family to think forward on this and talk with you about it. Cherish that coin. It is worth MUCH more than its cash value.



Edit - typo

only sell to a dealer who is a member of the professional numismatists guild (sorry if i have not spelled that right)

do not sell your coin for a fraction of its value to these "we buy gold" pawnbroker/hucksters

i cannot emphasize this point too strongly

the price is rising on uncertaintly about the debt crisis and once the debt ceiling is raised, as it ALWAYS is, the price of precious metals could fall again, so you are advised to do some nice profit-taking now

depending on the coin you own, you may be able to check the internet for the price from a LEGITIMATE dealer

i live in new orleans area so here is a price page from our area:

http://www.southerncurrency.com/bullion.php

you will see that there's quite a difference between the price offered from somebody like this company that's willing to post the price online and the vast majority of the scammers out there just looking to get your gold cheap

40 years ago, 1971, an ounce of gold was around $41, today, it's over $1,600 -- at some point, don't you think it's time to actually cash out and take a profit? what target price did you have in mind? that's a VERY healthy increase, if you ask me -- i don't know how you got past 1980 when you had the opportunity to get close to $800 an ounce before the price crashed again for a VERY long time -- you've now had a second chance to take a HUGE profit from the gold, do second chances come around that often in life?

http://bullion.nwtmint.com/gold_americaneagle.php

Pay a premium over spot on eagles that pays for shipping and insurance. Local coin and pawn shops charge 10 to 20% over spot.

...dramatic.

Why I recommended hold.

YMMV.